economic system

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economic system

a mechanism for tackling the twin problems of SCARCITY and CHOICE. Because economic resources are limited relative to society's demand for goods and services, some means of allocating resources between alternative ends is required. In the modem world, three basic allocative mechanisms perform this function: PRIVATE ENTERPRISE ECONOMY, in which resources are allocated through markets; CENTRALLY PLANNED ECONOMY, in which resources are all allocated by the state; MIXED ECONOMY, in which resources are allocated both by the market and by the state. See NATIONALIZATION, PRIVATIZATION.
References in classic literature ?
There were no signs of struggle, neither social nor economical struggle.
The beautiful Catalane and noble countess had lost both her proud glance and charming smile, because she saw nothing but misery around her; the walls were hung with one of the gray papers which economical landlords choose as not likely to show the dirt; the floor was uncarpeted; the furniture attracted the attention to the poor attempt at luxury; indeed, everything offended eyes accustomed to refinement and elegance.
She was most economical, and when she ate she would gather up crumbs with the tip of her finger, so that nothing should be wasted of the loaf of bread weighing twelve pounds which was baked especially for her and lasted three weeks.
When Desiree returned in the evening, she told the poor girl that the convoi was arranged for the following morning, that she had ordered all in the most economical way, but that thirty-five francs were the lowest sou for which the funeral could be had.
When at last she reached Stony Stratford, her impatience and weariness had become too strong for her economical caution; she determined to take the coach for the rest of the way, though it should cost her all her remaining money.
A few were white in both front and rear, but more bore that expensive color on their fronts only, while their economical but ambitious owners had covered the remaining sides of the edifices with a dingy red.
Except to the attack on Nanny's cousin, Sir Thomas no longer made any objection, and a more respectable, though less economical rendezvous being accordingly substituted, everything was considered as settled, and the pleasures of so benevolent a scheme were already enjoyed.
A person more economical, grasping, and mean than Mlle.
These men were, for the most part, guards, whose merit D'Artagnan had had an opportunity of appreciating in various encounters, whom drunkenness, unlucky sword-thrusts, unexpected winnings at play, or the economical reforms of Mazarin, had forced to seek shade and solitude, those two great consolers of irritated and chafing spirits.
At this he waylaid a cowering hillman among the trees, and after three minutes' talk and a little silver (one cannot be economical upon State service, though Hurree's heart bled at the waste) the eleven coolies and the three hangers-on reappeared.
He maintained to his companion that the shallow painted mansion resembled a false house, a "wing" or structure of daubed canvas, on the stage; but she answered him so well with certain economical palaces she had seen in Germany, where, as she said, there was nothing but china stoves and stuffed birds, that he was obliged to allow the home of Washington to be after all really gemuthlich.
In the morning, after a frugal breakfast of coffee and manioc--we had to be economical of our stores--we held a council of war as to the best method of ascending to the plateau above us.

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